Saudi billionaire Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has said plans to build the world's tallest tower in Jeddah are on schedule.
Plans were unveiled 18 months ago by Prince Alwaleed as the centrepiece to the Kingdom City development in Jeddah, a major Red Sea port.
The chairman of Kingdom Holding Company (KHC) headed the fourth board of directors meeting of Jeddah Economic Company in Riyadh were members were updated on the status on the $1.2bn 1,000m high project.
Waleed Batterjee, CEO, Jeddah Economic Company, briefed the board about progress of the piling works being done by Saudi Bauer Company.
The board also reviewed memoranda of understanding relating to infrastructure and services for the project including electricity, water and district cooling.
Board members also expressed their satisfaction of how the project is progressing and the piling works taking place as the first stage of starting the tower works.
In February, it was announced that the builder of The Shard skyscraper in London will be the project manager for the 1,000m Kingdom Tower skyscraper.
Mace will manage the development in a joint venture with construction consultant EC Harris, part of Dutch group Arcadis, and the tower will be built by Saudi construction firm Bin Laden Group.
The tower's height will exceed a kilometre - precisely by how much is a secret but the structure will take over from Dubai's 828m tall Burj Khalifa as the world's tallest skyscraper.